Bitcoin is currently facing strong resistance at $104,833, just below the invalidation level at $106,486. Price action suggests a potential rejection or distribution pattern forming near this resistance zone.
A break below recent local support could trigger a move toward the next key support level at $95,371, representing a significant retracement area from the recent uptrend.
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Trade Idea:
Entry: After confirmation of rejection below $104,800
Target: $95,371
Invalidation: Sustained breakout above $106,486
This setup favors bears in the short term, as long as price remains below the invalidation zone.
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> Disclaimer:
This analysis is for educational and informational purposes only and does not constitute financial advice. Always do your own research and consult with a professional before making any trading decisions. Trade at your own risk.
A break below recent local support could trigger a move toward the next key support level at $95,371, representing a significant retracement area from the recent uptrend.
---
Trade Idea:
Entry: After confirmation of rejection below $104,800
Target: $95,371
Invalidation: Sustained breakout above $106,486
This setup favors bears in the short term, as long as price remains below the invalidation zone.
---
> Disclaimer:
This analysis is for educational and informational purposes only and does not constitute financial advice. Always do your own research and consult with a professional before making any trading decisions. Trade at your own risk.
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Disclaimer
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.